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| Premier Foods in profit warning | Premier Foods in profit warning |
| (about 1 hour later) | |
| Premier Foods, the owner of brands such as Hovis, Bisto and Mr Kipling, has warned its full-year trading profit will fall below expectations. | Premier Foods, the owner of brands such as Hovis, Bisto and Mr Kipling, has warned its full-year trading profit will fall below expectations. |
| The UK's biggest food manufacturer had been looking at a profit of between £214m and £232m. | The UK's biggest food manufacturer had been looking at a profit of between £214m and £232m. |
| But the company said current trading was "disappointing" and "significantly behind our expectations". | But the company said current trading was "disappointing" and "significantly behind our expectations". |
| Sales in the third quarter fell 3.6% on a year ago, while the group's market share declined by 1.9%. | Sales in the third quarter fell 3.6% on a year ago, while the group's market share declined by 1.9%. |
| The group said it was in "constructive dialogue" with banks on refinancing. | The group said it was in "constructive dialogue" with banks on refinancing. |
| Shares in Premier Foods fell 4 pence, or 40%, to 6p in morning trading. | |
| New chief executive Michael Clarke has outlined five key priorities for the business in the short term. | New chief executive Michael Clarke has outlined five key priorities for the business in the short term. |
| These are agreeing a refinancing plan, improving sales and marketing, reducing the size of Premier's portfolio, reducing costs, and investing in eight "power brands" that they feel have the best growth prospects. | These are agreeing a refinancing plan, improving sales and marketing, reducing the size of Premier's portfolio, reducing costs, and investing in eight "power brands" that they feel have the best growth prospects. |
| The eight brands are Ambrosia, Batchelor's, Bisto, Hovis, Lloyd Grossman, Mr Kipling, Oxo and Sharwood's. | The eight brands are Ambrosia, Batchelor's, Bisto, Hovis, Lloyd Grossman, Mr Kipling, Oxo and Sharwood's. |
| Mr Clarke, who had previously been president of Kraft Foods Europe, took the helm at Premier Foods on 1 September. | Mr Clarke, who had previously been president of Kraft Foods Europe, took the helm at Premier Foods on 1 September. |